Silver's historic rally shows no signs of cooling as the new year begins. After a blockbuster 2025 that saw silver shatter decade-old resistance levels, it has extended its gains by another 13% in the first week of 2026 alone.  

EXK stock is climbing. See the chart and price action here. 

The move is driven by a perfect storm of geopolitical tension, widening industrial deficits and a massive rotation into precious metals as a hedge against a cooling U.S. dollar.

Silver was trading around $80.80 per ounce, up 5.5% on Tuesday, according to Trading Economics.

Geopolitical Fuel and the Venezuela Factor

One catalyst for the January surge is the sudden spike in geopolitical risk. The capture of Nicolas Maduro and President Donald Trump's recent signals regarding U.S. intentions in Venezuela and other possible targets have reignited a flight to safety among investors. 

Read Next: Biggest Surprise Of 2026 So Far? Oil Stocks

Additionally, market whispers regarding potential tariffs on refined silver imports have created a scramble for domestic physical supply, pushing spot prices toward the next psychological resistance level near $85.

Following silver's addition to the U.S. Critical Minerals List in early November, the metal gained a new level of strategic importance. The designation, reserved for materials vital to national security and economic health, changes how the U.S. governs its silver supply chain.

Silver now falls under the jurisdiction of Section 232 investigations—the same regulatory framework used to implement tariffs on steel and aluminum—leading to speculation of possible tariffs on silver in the future. 

Price Action: SLV and the Global Squeeze

The iShares Silver Trust ( SLV ) has seen unprecedented inflows as investors chase the breakout. The current price action reflects a structural supply-demand imbalance rather than mere speculation. 

There is a literal shortage of physical silver in China, where retail buying frenzies have pushed local premiums to record highs. 

As silver held above its 2025 closing record of $75, it entered a “blue sky” phase where technical resistance is thin.

Silver Miners Are Big Winners

The Global X Silver Miners ETF ( SIL ) and major players such as Wheaton Precious Metals ( WPM ) and Endeavour Silver Corp. ( EXK ) are experiencing massive earnings expansion. Because mining costs are relatively fixed, every dollar increase in the spot price drops directly to the bottom line. 

Analysts note that Wheaton is particularly well-positioned to benefit from production ramp-ups scheduled for 2026, offering investors a high-margin way to play the rally. 

With industrial demand for solar panels and EV components continuing to outstrip mine production, the 13% gain in the opening days of 2026 may be just the beginning of a generational silver supercycle.

Read Next: 

Maduro Down, Drone Stocks Up After Venezuela Mission